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Laura is trying to decide whether to sell her knitted hats on Etsy, at a holiday bazaar, or in a local boutique. Demand could be

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Laura is trying to decide whether to sell her knitted hats on Etsy, at a holiday bazaar, or in a local boutique. Demand could be 0 hats/month, 10 hats/month, or 20 hats/ month. Given the payoff matrix and the probabilities for demands below, what is the best EMV? Demand = 0 Demand = 10 Demand = 20 Etsy -$70 $80 $230 Bazaar -$60 $90 $240 Boutique -$80 $70 $220 Demand = 0 Demand = 10Demand = 20 Etsy 0.5 0.4 0.1 Bazaar 0.25 0.5 0.25 Boutique 0.2 0.4 0.4 Select one: O a $100 O b. $70 O c. $20 d. $90 e. $30 O f. 120 O g. $80 O h. $10 110 Oj None of the answers

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